Mitt Romney’s top energy advisor – and billionaire oil baron – Harold Hamm fought to protect Big Oil’s interests by arguing for billions of dollars of subsidies before the Senate Finance Committee today. He claimed that the White House proposal to eliminate the tax breaks would deal a blow to American oil companies and decimate the supply of American oil.
Hamm didn’t discuss, however, the fact that 74% of Americans are in favor of ending subsidies to Big Oil. He also failed to mention that ending the tax breaks would reduce Big Oil revenues by only about 1 percent over a decade, according to the White House. And conspicuously missing from his testimony was the fact that the top four oil producers made $154 of profit per minute in 2011.
Hamm’s testimony reveals the type of backward, oil-dependent energy policies a Romney administration would support – policies that would protect oil industry profits and harm our health and environment.